Jack Dorsey steps down as Twitter CEO

Jack Dorsey has stepped down as head of Twitter, the company he founded with like-minded people in 2006.

Jack Dorsey was replaced by the company's former CTO Parag Agrawal.

Agrawal began his career at Twitter more than a decade ago as a simple engineer, and in 2017 he became its chief technology officer. 

Dorsey's departure is a critical change in leadership for the company, and his name was closely associated with Twitter. Dorsey became a celebrity outside of Silicon Valley, quoted and parodied on shows and on social media.

Dorsey confirmed his departure and noted:

I worked hard to ensure that this company could separate from its founders and stand on its own, independent of their influence. Not all companies reach this level. And not many founders choose the company over their own ego.

Dorsey's leadership was questioned by investment firm Elliott Management, which bought a stake in the social network last year. Elliott accused  Dorsey of dividing attention between Twitter and Square. 

Twitter's revenue rose 37 percent in the third quarter from a year earlier to $1.28 billion.

Dorsey, who will remain on Twitter's board until its next election in 2022, stressed that he made the decision to leave. He recently discussed his desire to leave Twitter and focus on projects in the field of cryptocurrency and philanthropy.

In recent years, Dorsey has become increasingly interested in cryptocurrencies and decentralization technologies. 

Most of Dorsey's wealth comes from Square, which he has co-founded since 2009.. He announced last year that he would donate $1 billion, or nearly a third of his fortune at the time, to coronavirus relief programs and other charitable initiatives. He also allocated $15 million for guaranteed income projects, which allow cities to provide financial support to residents in need. Forbes estimates Mr. Dorsey's net worth at more than $11 billion.

Twitter shares jumped 10% on news of Dorsey's departure. 

On Sunday evening, perhaps foreshadowing the news to come, Dorsey wrote: “I love Twitter.”